- Pi Network’s Price Recovery Faces Resistance, $0.91 Emerges as Strong Support Level
- Bearish Indicators Dominate Pi Network as RSI and MACD Signal Further Downside Risks
- Surging Volume Highlights Increased Volatility as Pi Network Struggles Near Key Resistance
Pi Network’s (PI) price witnessed a sharp decline recently, sparking concerns of an ongoing sell-off. The cryptocurrency, known for its community-based mining, saw its price fall by over 6% in a single day, reflecting increased selling pressure. Amid heightened market activity, investors are now eyeing critical support and resistance levels to gauge the next potential move.
Sharp Price Decline Highlights Increased Bearish Momentum
The Pi token opened trading near $1.0095, marking the day’s peak before initiating a downward trajectory. It fell sharply in two stages, first dropping from $1.00 to $0.95, followed by another drop to an intraday low just under $0.91.
This decline signaled weakening buying interest amid rising selling pressure. However, after hitting the $0.91 support level, the price rebounded slightly, stabilizing in the $0.94–$0.96 range.
Currently trading at $0.9482, the token remains 6.05% down on the day, reflecting lingering bearish sentiment. The price recovery from the $0.91 low suggests that buyers stepped in at this level, but resistance levels have capped further gains.
Key Support and Resistance Levels to Watch
Several important support and resistance levels emerged during the day’s trading. On the resistance front, $1.0095 represents a critical ceiling, as the price struggled to break above this point. Additionally, $0.965 and $0.96 acted as short-term resistance levels during the recovery attempt.
On the support side, $0.91 served as the strongest level, where buyers halted the decline and drove a minor rebound. Besides this, $0.94 and $0.95 emerged as key psychological levels, alternating between acting as support and resistance, depending on the price direction.
Volume and Technical Indicators Confirm Bearish Sentiment
Trading volume surged by 32.85% in the past 24 hours, reaching $295.85 million. This increase suggests heightened market activity, likely driven by volatility and panic selling. Consequently, technical indicators reflect a bearish outlook.
The Relative Strength Index (RSI) currently stands at 43.91, below the neutral 50 mark. This indicates bearish momentum, although the RSI has not yet entered oversold territory, which occurs below 30. Hence, further downside remains possible.
Additionally, the Moving Average Convergence Divergence (MACD) line is in negative territory at −0.2206. This reading confirms that bearish momentum dominates, with no signs of a bullish crossover yet.
